Russia Offers its First State Support for Clean Energy

Written By: Emma Websdale

Russia, the world’s largest oil producer at more than 10 million barrels per day, offers support for clean energy with 39 clean power ventures. The country’s support for clean energy comes after Russian president Vladimir Putin approved a subsidy program aiming to boost clean-energy generation in an attempt to reduce the country’s dependency on fossil fuels and its associated emissions.

Now producing just 0.8% of its energy with renewables, Russia awarded subsidies to 39 clean power ventures to expand its output of renewables to 2.5% by the end of the decade.

According to Bloomberg,Russia offered to build 1,100 megawatts (MW) in wind capacity and 710 MW of solar energy between 2014 and 2017. Bids for almost 1,000 MW in energy by solar developers made 32 solar projects successful, with a majority of these being awarded to one of Russia’s leading private business group, Renova Group and local company RusEngergolnvest.

Local company KompleksIndustriya was awarded with seven wind projects.